Duties Act 2001

This section applies to a relevant acquisition in a landholder or corporate trustee for which liability for duty arose during the retrospectivity period, if—

but for this division, the following would have been required to be assessed without having regard to an exploration authority—

for a relevant acquisition in a public landholder—the amount of duty imposed on the relevant acquisition;

otherwise—the dutiable value of the relevant acquisition; and

because of this division, the dutiable value of, or the amount of duty imposed on, the relevant acquisition is required to be assessed having regard to—

for landholder duty—land-holdings that are an exploration authority; or

for corporate trustee duty—dutiable property, or an indirect interest in dutiable property, that is an exploration authority; and

before the commencement day, an assessment of the acquirer’s liability for landholder duty or corporate trustee duty on the relevant acquisition has not been made by the commissioner.

Note—A reference in this subsection to a relevant acquisition includes a reference to a relevant acquisition that should have been assessed under section 180 or 233 together with 1 or more other relevant acquisitions that, but for this division, would not have been relevant acquisitions.

Section 641(2) applies in relation to the relevant acquisition.

However, to the extent unpaid primary tax relating the relevant acquisition is attributable to land-holdings or dutiable property other than an exploration authority, section 641(2) does not affect—

the start date for unpaid tax interest on the unpaid primary tax under the Administration Act, section 54; or

the acquirer’s liability for penalty tax.